A Business Has the Following Transactions: the Business Is Started

question 134

Multiple Choice

A business has the following transactions: The business is started by receiving $25,000 from the owner. The business purchased $700 of office supplies on account and $2,500 of furniture on account. The business rendered services to various clients totaling $10,000 on account. It paid $5,000 as salaries expense and $6,000 as rent expense. It paid $1,000 to a supplier for the office supplies purchased earlier. It collected $3,000 from one of its clients for services rendered earlier in the month. At the end of the month, all journal entries are posted to the ledger. The Accounts Payable account will appear as:

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Definitions:

Analog Output Module

An output circuit that employs a digital-to-analog converter to convert a digital value, sent from the processor, to an analog value that will control a connected analog device.

Temporary Storage

A form of data storage used for holding information temporarily during the execution of programs, such as RAM (Random Access Memory).

RAM

Random Access Memory is a type of computer memory that can be accessed randomly to store data temporarily for quick access by a computer's processor.